Trepp, Inc.

🆕 The Trepp, Inc. CMBS Delinquency soared in November 2024, with the overall delinquency rate increasing 42 basis points to 6.40%. This month, the office, multifamily, and lodging property types all saw substantial increases in the sector-specific delinquency rates. The office delinquency rate surpassed 10% in November, increasing about 100 basis points to 10.38%. Download Trepp's latest delinquency report here 📩https://hubs.li/Q02ZSF320 #Trepp #CRE #CMBS #DelinquencyReport #DelinquentLoans #CommercialRealEstate #Office #Retail #Multifamily #Lodging

📣 Episode 292 of The TreppWire Podcast is out early this week! We cover: 🔹 The latest consumer confidence and retail earnings data 🔹 Walmart vs. Target performance 🔹 More tariff talks 🔹 The ‘largest’ stories all coming from Blackstone 🔹 Several large retail loan changes 🔹 The bifurcation seen across office headlines 🔹 Transactions in multifamily and industrial Tune in: https://hubs.li/Q02ZJf450 Happy Thanksgiving to all our listeners! Thanks to our hosts Lonnie Hendry, CRE, Hayley Keen, and Stephen Buschbom, our support team Thomas Taylor and Jennifer Spillane and our producer this week Mariana Pontes Sbrana #Trepp #TheTreppWirePodcast #TreppWire #CRE #CommercialRealEstate #CMBS #Retail #Multifamily #Office

New blog: A CMBS defeasance 101 guide that goes beyond the basics. Our analysis: ✔️Breaks down how defeasance works & the complexities of the process ✔️Reviews historical outstanding balances from 2014 to date ✔️Explores its value for borrowers and CMBS investors alike While the $21B defeasance activity represents a modest portion of the $350B CMBS conduit universe, it's becoming increasingly relevant. 🔎Why watch defeasance trends? As existing loans age, interest rates normalize and transaction demand and activity pick up, we expect to see more borrowers leveraging defeasance to optimize their debt strategies and preserve liquidity. Read the full blog here: https://hubs.li/Q02Zz-0z0

The Federal government currently leases 149M square feet of office space at $5.23B annually. With a new Department of Government Efficiency (DOGE) on the horizon and hybrid work policies, what's the impact of potential lease terminations? Our analysis covers: 🔎Market impact on D.C. metro area 🔎GSA-exposed property performance 🔎Property repositioning challenges 🔎Environmental certification advantages Read more: https://hubs.li/Q02ZnYKj0

We are honored to share an important update from the Trepp, Inc. team 📝 In January 2024, following the passing of our cherished colleague and friend Shari Linnick, we established the Shari Linnick Memorial Scholarship in partnership with NYU Schack Institute of Real Estate. Thanks to the generous support of our community, DMGT plc, and Shari's family, friends, and colleagues, the Trepp DMGT Shari Linnick Memorial Scholarship has officially achieved permanent endowment status at New York University. This endowment ensures that Shari's legacy will live on, supporting future students in the commercial real estate finance industry for generations. As part of this tribute, NYU also awarded two scholarships this Fall in Shari’s name sourced directly from the Dean's funds at NYU. Thank you to everyone who has contributed, whether through donations, support, or simply keeping Shari’s memory alive. She was an extraordinary colleague and friend, and reaching this milestone is a meaningful way to ensure her impact continues.

📊 New Trepp Report: Office Tenant Improvement & Leasing Commission trends. Our latest analysis: • Explores major factors driving TI/LC reserve trends across U.S. office markets • Highlights specific markets seeing the highest year-over-year increases • Compares TI/LC reserve amounts among different office property subtypes, with a focus on medical office, which has the highest YoY increase Special thanks to Coy Davidson for sharing his expertise on the medical office sector and explaining how specialized tenant requirements and unique supply dynamics make this subtype different from other office spaces. Download the report here: https://hubs.li/Q02Z6ZMH0 #CRE #OfficeMarket #CommercialRealEstate

🆕In Episode 291 of The TreppWire Podcast, we bob and weave through the headlines: whether the Fed will cut rates in December, the potential impact of Trump’s tariff talks, and NYC’s new ban on tenant-paid broker fees. We also discuss: 🔷 Blackstone striking a deal to buy Jersey Mike’s 🔷 Floyd Mayweather Jr. swinging on an office investment 🔷 $506.3M SASB loan transferred to special servicing This episode is sponsored by EisnerAmper Tune in now🔊https://hubs.li/Q02Z9jD00 #Trepp #TheTreppWirePodcast #TreppWire #CRE #CommercialRealEstate #CMBS #Office #Multifamily #Retail #Lodging #MixedUse #Industrial #SASB #InterestRates

Getting ready to record The Trepp, Inc. TreppWire Podcast with Jay Parsons and Charles Young of Madera Residential. We'll do a deep dive into all things multifamily, affordable housing, apartment REIT earnings, the single-family rental market, and so much more. Anything you want us to cover? Let me know below!

⏰There's still time to register for our webinar today at 2pm ET! Our Trepp experts Lonnie Hendry, CRE, Thomas Taylor and Rachel Szymanski will discuss: 🔹The incoming Trump administration's policies and potential impact on CRE markets 🔹Overview of drivers behind housing affordability challenges & the future of housing policies 🔹Analysis of Fed interest rates over time, impact on market activity & what we can infer for the future 🔹CMBS delinquency rates including office's 101 basis point jump 🔹And more! Register now: https://hubs.li/Q02Y-fSZ0 #Trepp #MarketPulse #CommercialRealEstate #CRE #CMBS #Delinquencies

🏢 Negative leverage hits multifamily: When your mortgage costs more than your building makes, something's got to give. Our latest analysis by David Wegman, CFA reveals a growing disconnect between cap rates and borrowing costs, with billions in loans facing debt service challenge - and where investors can find opportunity 🔍. Discover which markets present the biggest recapitalization opportunities: https://hubs.li/Q02YYMSH0 #CRE #Multifamily #RealEstate